After a difficult session that sent the Dow Jones Industrial Average into the red for 2023, stock futures slightly declined early on Wednesday.
The 30-stock index futures dropped 56 points, or 0.17%, during this time. S&P 500 and Nasdaq 100 futures both experienced losses of 0.21% and 0.22%, respectively.
The action comes after a losing day on Wall Street as a result of rising bond yields and job opening data showing that the labour market is still robust. The Dow experienced a 1.3% loss, marking its lowest performance since March. The S&P 500 dropped 1.4% and briefly touched its lowest point since June. The Nasdaq Composite closed down 1.9%.
Due to those losses, the Dow is currently down 0.4% for the year. S&P 500 and Nasdaq gains for 2023 are over 10% and 24%, respectively.
In the same session, the 10-year and 30-year Treasury yields also reached their highest levels since 2007. The 30-year fixed mortgage’s typical rate, which was keenly watched, was close to 8%.
Ross Mayfield, an investment strategy analyst at Baird, stated that interest rates are currently and have been for nearly two months the main factor influencing market performance.
Source (CNBC)
